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Discrete channel lite

The Discrete Channel (kind of renko on time) is a very useful indicator to filter the market noise.

It consists of two outer lines. Until the market price is between the boundaries of the channel nothing happens. If price move outside the channel, you can enter buy (if the up line is broken) or sell (if the bottom line is broken)


How to use

This is the lite version of the Discrete channel indicator. The only limitation is in the channel height parameter. Max value can be 20 pips.

It accepts 4 inputs for adjusting the behaviour based on the user preference.

  • Channel height: the distance in ticks between the up line and the down line.
  • Advance step: when a new level is created, a shift is applied. The shift can be anticipated or postponed.
  • Auto Advance: the indicator adjust itself the direction of the advance step or eventually does not apply it.
  • Use Open /Close price: the line of the channel is broken depending of the candle values. It can wait the close of the candle or reacting based on the minimum and maximum of the candle.

When an up channel is created, it could be an opportunity for entering long.

When a down channel is created, it could be an opportunity for entering short.

The indicator can be very useful in hedging mode for deciding when entering in the market to cover positions.


Remember

I am glad if you rate this indicator and leave a comments. Thanks in advance

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⭐️⭐️⭐️⭐️⭐️ You want to become a constantly profitable 5-star forex trader? ⭐️⭐️⭐️⭐️⭐️ 1.  Read the basic description of our simple trading  system   &  and it's major strategy update in 2020   2.   Send a screenshot of your purchase  to get your personal invitation to our exclusive trading chat FX Trend displays the trend direction, duration, intensity and the resulting trend rating for all time frames in real time. You'll see at a glance at which direction the trends are running, how long t
50 USD
Two Moving Average Crossover Alerts Serie MT5
Boris Armenteros
A classic among classics: crossing of two moving averages with all kinds of alerts. Features Crossing of 2 Moving Averages (MAs) at closing of the last bar; Both MAs can be set for any of the following averaging methods: Simple Moving Average (SMA), Exponential Moving Average (EMA), Smoothed Moving Average (SMMA), Linear-weighted Moving Average (LWMA); Both MAs can be also set for any averaging period and for any of the following prices: Close, Open, High, Low, Median, Typical or Weighted; Any
20 USD
Weis Pip Wave MT5
Panagiotis Diamantopoulos
****NEW Auto Pip Waves ****  Attention: this indicator does not provide the zig zag line, as well as any display information about volume, pips, number of bars and Speed Index. All this information is generated by Weis Wave with Alert MT5 indicator https://www.mql5.com/en/market/product/33441 More Info: http://www.tradethevolumewaves.com Videos on how to use it on our youtube channel:  https://www.youtube.com/channel/UCTAzhvsnzPppdqWJS-MWafQ Weis Pip Wave This is a Weis Wave Pip indicator whi
110 USD
VTrende
Andrey Dyachenko
VTrende - MTF indicator for trend trading with a display panel for MT5 Although the signals of the VTrende indicator can be used as signals of a full-fledged trading system, it is recommended to use them in conjunction with the Bill Williams TS. The main task of the indicator - is to determine the points of change in the direction of the trend. The indicator signal appears in two versions: Advance - when the trend ends To be continued - when the trend is already on The indicator sho
497 USD
Waves Of Fibonacci
Roman Vashchilin
The principle of the indicator operation lies in the analysis of the currency pair history and determining the beginning and the end of the "power" driving the current trend. It also determines the Fibonacci levels in the main window. The indicator also shows how long ago the local Highs and Lows have been reached. How to Use Waves in the subwindow show the strength and the stage of the trend movement. That is, if the waves only start rising, then the trend is in the initial stage. If the wave
45 USD
PipFinite Breakout EDGE MT5
Karlo Wilson Vendiola
The Missing Edge You Need To Catch Breakouts Like A Pro. Follow a step-by-step system that detects the most powerful breakouts! Discover market patterns that generate massive rewards based on a proven and tested strategy. Unlock Your Serious Edge Get it here ► www.mql5.com/en/blogs/post/723208 Have access to the game changing indicator that will take your trading to the next level! How To Trade Execute your trades in 3 Easy Steps! Step 1: Trade Setup Enter a signal if Success Rate is
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Renko Advanced
Marco Montemari
This Renko Advanced indicator can be considered as a trading system. The indicator offers a different view to see the currency pair: it is a full  timeless indicator and it can be used for manual trading or for automatized trading with some expert advisor. When the price reaches a threshold a new block is created. It takes advantage of a visualization  similar to Renko visualization type, offering less noise than usual candles bar. The user can decide how to calculate the bars. The indicat
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Renko Advanced lite
Marco Montemari
This Renko Advanced indicator can be considered as a trading system. The indicator offers a different view to see the currency pair: it is a full  timeless indicator and it can be used for manual trading or for automatized trading with some expert advisor. When the price reaches a threshold a new block is created. It takes advantage of a visualization  similar to Renko visualization type, offering less noise than usual candles bar. The indicator beside the Renko bars, shows also 3 moving aver
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Forex Volumes Eval
Marco Montemari
Forex is the most liquid market in the world. For this reason real volumes are not available. Some indicators use the number of ticks, in other cases the broker can supply volumes informations but they will be only data about that broker. Volumes are important becase they will form the price and volatility of the market. Using an algorithm this indicator can give you a very good approximation of the volumes for each candle. How to read the indicators? This version is evaluation version, so t
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Renko MACD Demo
Marco Montemari
The Renko MACD indicator is a poweful tool if used with the Renko indicator ( you can find here our Renko Adv product  https://www.mql5.com/en/market/product/31606 ) The indicator is a full timeless indicator and it can be used for manual trading or for automatized trading with some expert advisor.  Moving Average Convergence Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages. In this case the averages are calculated on the renko
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AvgVolumes
Marco Montemari
This indicator is based on Volumes standard indicator, calculates the average of Volumes based on the last N bars set by users, and if the value of the volume is bigger then a set % respect the average a different color will be used. The indicator is shown in a separate indicator window. This version has now a limitation in setting the % about the threshold. If you are interested to set threshold consider to buy the PRO version ( https://www.mql5.com/en/market/product/35925 ) If you want to use
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AvgVolumes PRO
Marco Montemari
This indicator is based on Volumes standard indicator but it adds features than can be very usueful for the trader. This is the PRO(full working version) of the AvgVolumes the  https://www.mql5.com/en/market/product/29968  So if you wanna try first how it works, I suggest you to download the otehr indicator and if you need to change values of parameter, consider to buy this indicator.  Obviously volumes (number of ticks) are provided by the broker so they are not a unique value in the world but
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Avg Volume Smart
Marco Montemari
This indicator is based on Volumes standard indicator. User must select the bars he wants to consider in the set period and an average is calculated on these bars.  Let 's see an example to make it clear: Today at 11 am the volume is 342....I want to comparise with the average of volume of yesterday and 2 days ago at the same hour. Alarm can be fired when : the current volume is higher than a set threshold respect the average calculated on selected bars the current volume is higher than at l
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Discrete Channel
Marco Montemari
The Discrete Channel (kind of renko on time) is a very useful indicator to filter the market noise. It consists of two outer lines. Until the market price is between the boundaries of the channel nothing happens. If price move outside the channel, you can enter buy (if the up line is broken) or sell (if the bottom line is broken) How to use The indicator is very simple to use. It accepts 4 inputs for adjusting the behaviour based on the user preference. Channel height : the distance in ticks b
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Renko MACD
Marco Montemari
The Renko MACD indicator is a poweful tool if used with the Renko indicator ( you can find here our Renko Adv product  https://www.mql5.com/en/market/product/31606 ) The indicator is a full timeless indicator and it can be used for manual trading or for automatized trading with some expert advisor.  Moving Average Convergence Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages. In this case the averages are calculated on the renko i
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Forex Volumes
Marco Montemari
Forex is the most liquid market in the world. For this reason real volumes are not available. Some indicators use the number of ticks, in other cases the broker can supply volumes informations but they will be only data about that broker. Volumes are important becase they will form the price and volatility of the market. Using an algorithm this indicator can give you a very good approximation of the volumes for each candle. How to read the indicators? This version provides you many visualiza
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Spread T
Marco Montemari
Introduction If you are a fan of the Spread trading, you cannot miss this indicator. How To Use Find a high correlated pair( like EURTRY and USDTRY) (let 's call P1 and P2)  on a set Timeframe (suggested TF are H1 to D1)... Load this indicator into P1 window (ex. EURTRY). In the setting of the indicator write the P2 (USDTRY) and the AVG length. When the cross happens, enter into the trade. Let's check in detail how to operate. When the strength ratio line crosses down the up line, you ca
34 USD
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バージョン 1.2 2018.11.04
A new trigger method was added